In Order to Establish That Property Has Been Abandoned, It

question 16

Multiple Choice

In order to establish that property has been abandoned, it must be shown that:
I. the owner physically gave up possession of the property.
II. the owner announced he or she was abandoning the property.
III. the owner intended to give up any expectation of privacy in the property.
IV. the property had been altered in such a way that it could not be used for its
Intended purpose.

• A) I, II, III
• B) I, II
• C) I, IV
• D) I, III

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Definitions:

Account Payable

Money owed by a company to its suppliers or creditors for goods or services received, considered a current liability on the balance sheet.

Creditor

An entity (could be a person, organization, government body) to whom money is owed by the debtor for providing a loan, goods, or services on credit.

Bank Memos

Notices from a bank that make adjustments to a company's bank account balance, often for fees, interest payments, or corrections.

Bank Reconciliation

The analysis that details the items responsible for the difference between the cash balance reported on the bank statement and the balance of the cash account in the ledger.